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Aker BP has entered multiple long-term framework agreements for offshore operations with key suppliers of engineering and construction services, technical systems, and transport and installation of fixed facilities. It intends to plan and execute development projects at its fields in a safe and cost-effective way. The intent of the framework agreements is that Aker BP plans to develop and execute work by...
Iran's top security body is still reviewing the Iran Petroleum Contract (IPC) model, Oil Minister Bijan Zanganeh was quoted byReuters as saying on Sunday, as the contracts aimed at attracting foreign investors appear to face fresh delays. In January, Iran named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects under the...
Lagos – Association of Nigerian Aviation Professionals (ANAP) on Thursday described the N15 billion debt profile of some airlines on the ticket and cargo sales Charge (TSC) as an economic crime. The union also called on the Economic and Financial Crimes Commission (EFCC) to wade into the matter, investigate and arrest those responsible for the historical debt, which was amassed when...
Qatar Petroleum and ExxonMobil have signed an exploration and production sharing contract with the Cyprus Government for offshore Block 10 in the Mediterranean Sea. Before the signing ceremony, the Republic of Cyprus President Nicos Anastasiades, Qatar Petroleum president and CEO Saad Sherida Al-Kaabi and ExxonMobil senior vice-president and principal financial officer Andrew Swiger held discussions that focused on current and...
Indian state refiners will cut oil imports from Iran in 2017-18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, The Times of Indiareports. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the...
Qatar has lifted a self-imposed prohibition on development of the world's biggest natural gas field, the chief executive officer of Qatar Petroleum has said, as the world's top LNG exporter looks to see off an expected rise in competition.Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha...
For the second time in about five months, the Federal Government has moved to adopt another resolution from the Oil Trading and Logistics (OTL) Africa 2016 Communiqué urging revenue generating government agencies in the oil and gas and allied industries, to discontinue collecting their charges and fees in foreign currencies. As an indicator of the Federal Government’s resolve, the Nigerian...
The Federal Government has cleared the inherited arrears of accrued pension benefits for the years 2014, 2015 and 2016 by releasing N41.5 billion and N12.5 billion for January, February and March this year to the National Pension Commission (PenCom) for onward payment to retirees. Mrs. Kemi Adeosun, the Minister of Finance, confirmed the release of the money in a statement...
The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the Federal Government to probe the status and utilisation of dividends and loan repayments by NLNG to NNPC from 2000 – 2014. Waziri Adio, Executive Secretary of NEITI, made the call in a statement signed by its spokesman, Orji Ogbonnaya Orji, on Thursday. According to him, the Federal Government should institute an...
Triangle Energy (Global) has executed a share purchase agreement (SPA) with ROC Oil Company Limited (ROC) for the purchase of its 42.5% participating interest in and operatorship of the Cliff Head Oil Field, in offshore Perth Basin, Western Australia. Triangle has jointly (50/50) executed the SPA in partnership with Royal Energy. After completion of this transaction, Triangle will hold a majority...

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